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Nov 16, 2012
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what did traders seem to say as you were getting comments from reid, pelosi, boehner and mcconnell? >> trading's so low on the lower end of the trading range, i mentioned yesterday, scott, 1340. we flirted with it today. 1343 the low in the cash. we bounced from there. bounce levels are 1370, 1395. the fact that we're just shy of that, just means that everyone is a little suspect of what's truly going to happen once these fiscal cliff dialogues ratchet up. i would be a seller of these bounces. >> what a significant pop seeing in the stock market, guys. throw up the dow industrials on an intraday. in fact, throw up all three intraday charts because you're going to see quite a dramatic reversal. the dow industrials up 48 points. highs of the day, again, down 50 to 60 points or so as the wraps wrapping up and positive comments of the leaders in the room with the president today. unless you have a rally on wall street and let's get to washington to the north lawn of the white house where john harwood is. this seemed to go as well as one could hope thus far, at least. >> reporter: i thin
what did traders seem to say as you were getting comments from reid, pelosi, boehner and mcconnell? >> trading's so low on the lower end of the trading range, i mentioned yesterday, scott, 1340. we flirted with it today. 1343 the low in the cash. we bounced from there. bounce levels are 1370, 1395. the fact that we're just shy of that, just means that everyone is a little suspect of what's truly going to happen once these fiscal cliff dialogues ratchet up. i would be a seller of these...
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Nov 14, 2012
11/12
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house speaker john boehner kicked things off there. nothing directly in terms of commenting about what the president said today about wanting to raise the tax rates on the highest income earners. the american people need to see us act courageously and lead boldly and expects the president to do the same. >> the president didn't say much. the president was very vague. he didn't say anything about spending cuts and didn't talk about entitlements but just about doubling up the tax bigs. that sounds like a guy who is digging in. it doesn't sound constructive on a day when i thought the president was very aggressive and his tone did not send one conciliatory feel. >> sounds like stalemate. >> that's digging in your heels. i don't think that is particularly market bullish. >> not given the action we saw today. >> thanks for stopping by. it is time to set the record straight when it comes to net flex. how likely is a deal? our traders have answers. big lockup expiration brings a day of reckoning for facebook. telling you what to watch for. ho
house speaker john boehner kicked things off there. nothing directly in terms of commenting about what the president said today about wanting to raise the tax rates on the highest income earners. the american people need to see us act courageously and lead boldly and expects the president to do the same. >> the president didn't say much. the president was very vague. he didn't say anything about spending cuts and didn't talk about entitlements but just about doubling up the tax bigs. that...
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Nov 16, 2012
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that's when speaker boehner spoke. listen to this. >> i believe that we can do this and avert the fiscal cliff that's right in front of us today. >> is this really what led to today's midday turn around, or was it something else? let's talk about that. quincy crosby joins us. mark spellman and kevin carone. quincy, is it that simple? they came out, they used the word constructive, framework, corner stone, all those positive words, and the market took off. >> absolutely. i was watching the body language when they finished up. they walked together. they didn't separate. the market kept making gains. it was that immediate. >> mark, do you agree? >> yeah, i think it was important. we've been looking for good news. the fact that everyone's heels aren't dug in quite as badly, it's good news and what otherwise has been a bad news market. >> kevin, i want to ask you, though, even if we get a deal, okay, great. tick, check. like the elections, check. we've still got a lot of longer-term fundamental problems. i don't know. just
that's when speaker boehner spoke. listen to this. >> i believe that we can do this and avert the fiscal cliff that's right in front of us today. >> is this really what led to today's midday turn around, or was it something else? let's talk about that. quincy crosby joins us. mark spellman and kevin carone. quincy, is it that simple? they came out, they used the word constructive, framework, corner stone, all those positive words, and the market took off. >> absolutely. i was...
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Nov 14, 2012
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how will it affect the upcoming talks with john boehner? two top-tier negotiators give their insight into how the meeting could unfold. >>> and trading places. charles schwab ceo talks exclues i havely to maria about the current crisis of confidence in the stock market. could a deal on the looming fiscal cliff be just the shot in the arm sagging equities need? that and a whole lot more is ahead on the "closing bell." >>> all right. we want to show you a live picture of the white house. we are waiting for the ceos to start tricking out of the white house. they are in a meeting right now with president obama talking about the fiscal cliff, talking about ways to get the deficit and debt situation in this country in order. as soon as those ceos start coming out, they include the ceo of honeywell, ibm, a number of ceos in industrial businesses. of course, the only financial services representation there is american express. no other bank was invited to this meeting. as soon as these guys and gals start walking out, we'll bring you some interview
how will it affect the upcoming talks with john boehner? two top-tier negotiators give their insight into how the meeting could unfold. >>> and trading places. charles schwab ceo talks exclues i havely to maria about the current crisis of confidence in the stock market. could a deal on the looming fiscal cliff be just the shot in the arm sagging equities need? that and a whole lot more is ahead on the "closing bell." >>> all right. we want to show you a live picture...
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Nov 13, 2012
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there are -- boehner says down payment now. buy the boehner down payment zbh i don't like the down payment. i would be sorely disappointed if we missed this opportunity. i think somebody was telling me today the budget act of 1990 took 12 days to put in place. we know what all the issues are. i hope we won't be lacking courage just to go ahead and deal with big pieces of this. so -- i am in a different place than you on this. i think we ought to deal a -- in a big way with the fiscal reform. >> you want to grant design. that's very -- interesting point of view. >> doesn't have to be grand. we play to take two bites at it, debt ceiling coming up which i think, by the way, debt ceiling is the more important day personally than the fiscal cliff issue because we are not fiscal cliff is not going to happen. okay. simply is not going to happen. so -- to me, the focus ought to be on solvency and if we can deal with that and take a big step out of that, big step towards solving that, during this december, i agree with you. i think the
there are -- boehner says down payment now. buy the boehner down payment zbh i don't like the down payment. i would be sorely disappointed if we missed this opportunity. i think somebody was telling me today the budget act of 1990 took 12 days to put in place. we know what all the issues are. i hope we won't be lacking courage just to go ahead and deal with big pieces of this. so -- i am in a different place than you on this. i think we ought to deal a -- in a big way with the fiscal reform....
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Nov 16, 2012
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you ask yourself, what's it worth when boehner, pelosi, mcconnell, and reed all start talking nice to each other? it's worth 120 points on the dow. we're not far from the highs of the day. some hope we can get a modest rally. the vix has really collapsed going into the close. we're near the lows for the week on the vix. some of those closed end funds like pimco, high yield, phk also doing a little better today. finally, i'm going to mention home builders also a doing better on the day. back to you. >> okay. thank you very much, bob. well, thanksgiving is less than a week away, and the trend is growing for stores like walmart to be open for business that day. shoppers seem to love it, but workers, for obvious reasons, do not. >> yeah, some walmart workers are now pledging to walk out if they are forced to work on that holiday. walmart has already said they plan to open at 8:00 p.m. on thanksgiving. joining us now, a husband and wife, greg and charr lean fletcher, both employees of walmart. both scheduled to work different shifts on thanksgiving day. we welcome you. greg, you have said
you ask yourself, what's it worth when boehner, pelosi, mcconnell, and reed all start talking nice to each other? it's worth 120 points on the dow. we're not far from the highs of the day. some hope we can get a modest rally. the vix has really collapsed going into the close. we're near the lows for the week on the vix. some of those closed end funds like pimco, high yield, phk also doing a little better today. finally, i'm going to mention home builders also a doing better on the day. back to...
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Nov 13, 2012
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after the election, boehner came out, thought he'd move some, and then obama came out the next day, and in the early part of his speech, he looked good. and all of a sudden he starts digging in. if you look at what the stock market did, it immediately dropped. came back a little bit that day, but immediately dropped. that's what's in people's minds and it's scaring the heck out of them. we have to have some solution. >> when we look to europe, it's a very similar scenario. we have all these issues revolving around greece and maybe to a lesser extent, spain, and it seems about the same dynamics. that it isn't results oriented, it's idle the car and hope things get better while you're sitting in there, hunkered down. >> that's absolutely the case. they have been spinning their wheels. fortunately for us, we've gotten away from the european situation, somewhat. because it looks like our economy can gain some traction. but it's immediately going to grind to a halt if we don't see something. >> you know, there's one area, there's one area that doesn't have the luxury to postpone results. and
after the election, boehner came out, thought he'd move some, and then obama came out the next day, and in the early part of his speech, he looked good. and all of a sudden he starts digging in. if you look at what the stock market did, it immediately dropped. came back a little bit that day, but immediately dropped. that's what's in people's minds and it's scaring the heck out of them. we have to have some solution. >> when we look to europe, it's a very similar scenario. we have all...
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Nov 19, 2012
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two, house leader boehner has to get re-elected by his party in january. he's not going to put a big deal in front of that. flip side is, no deal. i don't think the president will let that happen because he doesn't want to start his second term as president the way he started the first which was in a recession. but finally, what people fail to forget -- congress needs to go home for holidays. if they go home with no deal they will be criticized by their constituents. >> there are very few working days left when congress comes back from this thanksgiving break. >> remember what happened. t.a.r.p.? they didn't approve it. went home for the holidays, got criticized, came back and approved it. >> you see some stort of stopgap that averts the immediate tax hikes an spending cuts as of january 1, and that there is then some commitment to do a broader tax reform in 2013. >> correct. >> and that might be tied to raising of the debt ceiling. might'nt it. >> i think that's the next big date, mid-february when the treasury runs out of money, the debt ceiling is hit.
two, house leader boehner has to get re-elected by his party in january. he's not going to put a big deal in front of that. flip side is, no deal. i don't think the president will let that happen because he doesn't want to start his second term as president the way he started the first which was in a recession. but finally, what people fail to forget -- congress needs to go home for holidays. if they go home with no deal they will be criticized by their constituents. >> there are very few...
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Nov 14, 2012
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the president didn't offer any specific thing along the lines what have we heard from john boehner last week, okay, we're there on reven on the table, we'll meet you there. i didn't hear any specific -- >> don't we already have a structure? wasn't that erskine-bowles? it is another committee. >> it is a step back i think from the idea of a deal right now that would trade entitlement reform for tax increases. it sounds to me like it's tax increases for the wealthy in return for a commitment to discuss entitlement reform. >> what you did hear from the president is a statement that the american people knew what they were get what they re-elected me. he also said there is a big contrast between me and mitt romney on the campaign trail and i'm the guy who won the election. >> as one of our smart viewers tweeted in which i thought was so smart -- it's all fun and games until you have to name specific entitlements you want to cut. right? we need more specifics from both sides. all right, going to a break here but after the break, steve leisman, stick around. we also have something today called
the president didn't offer any specific thing along the lines what have we heard from john boehner last week, okay, we're there on reven on the table, we'll meet you there. i didn't hear any specific -- >> don't we already have a structure? wasn't that erskine-bowles? it is another committee. >> it is a step back i think from the idea of a deal right now that would trade entitlement reform for tax increases. it sounds to me like it's tax increases for the wealthy in return for a...
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Nov 17, 2012
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that's what boehner wants to do. what boehner said the day after the zbl the -- >> no, let me pick you up on that. that would be very bullish. i happen to totally agree with you. and that's exactly what speaker john boehner wants to do. that is precisely what he wants to do. essentially have tax reform and have entitlement reform and have it laid out so it it all gets done next year. this year is the down payment. >> that's right. >> now, don, is it too early, though, to make a bet on any of this? that's really what i'm asking. between now and year end, when the bush tax cuts expire at year end, what's a stock market investor to do? you're going to go up, you're going to go down. you saw today you had a is 00-point swing. but that's no way to be invested. what is your advice on how investors play this fiscal debate? >> i understand the sentiment that the wise thing to do is to take a long-term perspective. but every once in a while we experienced this in the summer of 2008. we're experiencing it again now. every once
that's what boehner wants to do. what boehner said the day after the zbl the -- >> no, let me pick you up on that. that would be very bullish. i happen to totally agree with you. and that's exactly what speaker john boehner wants to do. that is precisely what he wants to do. essentially have tax reform and have entitlement reform and have it laid out so it it all gets done next year. this year is the down payment. >> that's right. >> now, don, is it too early, though, to make...
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Nov 15, 2012
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i think john boehner has made some really good statements. i think the president has made some good statements. one of the things that i learned was that you have to keep a couple of things in mind. deficit reduction in the end is political poison for the people that have to vote for it and so we really need to encourage the public, not just the decision makers, but the public to understand that this is an exercise in short-term pain to get long-term gain. that the objective here is to get a growing economy, jobs created in the united states, get our economy moving robustly again and that we've got to get our budget straightened out to help do that. the other thing you have to remember is you've got 535 people in the congress. this is not just the leaders so the administration has got to engage a large number of those people, if not all of them, in an exercise where they analyze together the actual concrete steps you have to take to get the budget straightened out. >> problem is many of those members, or at least some of them, have spoken pub
i think john boehner has made some really good statements. i think the president has made some good statements. one of the things that i learned was that you have to keep a couple of things in mind. deficit reduction in the end is political poison for the people that have to vote for it and so we really need to encourage the public, not just the decision makers, but the public to understand that this is an exercise in short-term pain to get long-term gain. that the objective here is to get a...
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Nov 12, 2012
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. >> what kind of hand does john boehner have? where sg it leave him and his ability to control the tea party wing? >> it actually puts skron boehner in a good position because during the debt ceiling talks last year, he had a lot of push back from the very far right of his party in the house. the tea party caucus, for example. this time around we won't see the same dynamic at all because the tea party caucus and far right have lost a lot of political capital in light of the election. so what we've already seen is speaker boehner talking to republicans in the house, putting his foot down early and saying we're not going to have that same push back we saw. instead, i'm going to tell you what we're going to do and what this deal is going to look like and you'll fall into line. >> he got criticism because he negotiated a deal and then went back and tried to sell to the party. does he naed to do he need to d way around, get a set position and then go into discussions? >> i think that is the thinking this time around. and he has certai
. >> what kind of hand does john boehner have? where sg it leave him and his ability to control the tea party wing? >> it actually puts skron boehner in a good position because during the debt ceiling talks last year, he had a lot of push back from the very far right of his party in the house. the tea party caucus, for example. this time around we won't see the same dynamic at all because the tea party caucus and far right have lost a lot of political capital in light of the...
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Nov 15, 2012
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can boehner get there if that's the case? >> if you look at eliminations of deductions, exemptions, credits, it doesn't get to you where we need to comply with the budget control act so the fact that we are examining an opportunity to perhaps look at either on higher income earners, whether it's $1 million or higher as opposed to marrying ourselves to 250 is a step in the right direction. i think the fact that there is discussion on this front initiated by the speaker and behind closed doors we'll get in detail. for the first time we're close and why throw away the opportunity. >> can i just mention how many jokes joe would have made about being behind closeds doors and consummating and that whole thing and that's why joe needs to be on the show and he's not. i'm doing a poor job that he would have made seven or eight jokes would have been made. let me just ask jared, the 39.6 in my mind seems like it is a bottom line, a starting point an an end point for the president. can you envision a deal being done on the fiscal cliff t
can boehner get there if that's the case? >> if you look at eliminations of deductions, exemptions, credits, it doesn't get to you where we need to comply with the budget control act so the fact that we are examining an opportunity to perhaps look at either on higher income earners, whether it's $1 million or higher as opposed to marrying ourselves to 250 is a step in the right direction. i think the fact that there is discussion on this front initiated by the speaker and behind closed...
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Nov 16, 2012
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president obama and john boehner almost got a deal in 2011. that's a place to pick up the discussions and i think you saw the president econfident there just winning the election there and house republicans back in the majority in the house and that's the dance to the finish line and i think they will. >> politico talked about whether or not the white house has learned its lesson in going into a room, a bunker, with the speaker, since it didn't work out the way they wanted last time around. do you think the president will be as involved or can he hand this off to someone else to negotiate? >> i think he'll be as involved. i think he'll be involved inside the room and outside of the room. the strategic turn the president made in fall of 2011 after the failure of the talks, he took the case to the public. i don't think he'll stop doing that. he'll try to keep the pressure on say i got mandate to raise taxes for people at the top. if you are willing to accept that, we'll get a deal. >> there code words you'll look for afterwards to see whether or
president obama and john boehner almost got a deal in 2011. that's a place to pick up the discussions and i think you saw the president econfident there just winning the election there and house republicans back in the majority in the house and that's the dance to the finish line and i think they will. >> politico talked about whether or not the white house has learned its lesson in going into a room, a bunker, with the speaker, since it didn't work out the way they wanted last time...
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Nov 12, 2012
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this was the secret negotiation between barack obama and john boehner last year. we don't know all of the pieces that were in it. they offered 8$800 billion in revenue and then on the spending cut side they offered $450 billion in cuts to medicare and medication and changes to the way social security benefits are calculated. a lot of things on the table here. big things both tax increases and spending decreases. it's going to take some combination of those to get to a deal here and it's sort of where they go on this menu of options that's going to lead to whether or not they have votes to do it on capitol hill. >> there's a detail there. cut through it for me if you will. a lot of people around seem to suggest that they're going to get this thing tied up really quite quickly. my concern is that obama is beginning to grandstand. if you look at who he's meeting with, it looks like he might be preparing for a huge fight for his legacy, which actually might push us further back than a lot of people have bargained for. >> what you'll see with obama meeting with progres
this was the secret negotiation between barack obama and john boehner last year. we don't know all of the pieces that were in it. they offered 8$800 billion in revenue and then on the spending cut side they offered $450 billion in cuts to medicare and medication and changes to the way social security benefits are calculated. a lot of things on the table here. big things both tax increases and spending decreases. it's going to take some combination of those to get to a deal here and it's sort of...
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Nov 19, 2012
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at 1.6 and we're talking about four total so that's 2.4 to 1.6 would be 1.5 to 1, when he was with boehner, 800, wanted another 4. >> you were in the room so you know. >> first of all, since we talk about bowles-simpson so much, bowles-simpson has a 1:1 ratio. >> it doesn't. >> i thought it's 1:4. >> it's 1:3. >> in the way the bowles-simpson frame was put out something people didn't realize was that in terms of the revenue number they weren't counting the expiration of the high income tax cuts which they proposed to get rid of. apples to apples, in terms of the way people are currently adding up their math, it's approximately a 1:1 ratio. >> erskine bowles said you should look at 3:1 in terms of spending cuts to revenue. >> i'm just saying what was in bowles-simpson. >> let's not forget about growth, we need to stimulate growth and a lot of it on the innovation side. >> david thank you, appreciate it i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again i
at 1.6 and we're talking about four total so that's 2.4 to 1.6 would be 1.5 to 1, when he was with boehner, 800, wanted another 4. >> you were in the room so you know. >> first of all, since we talk about bowles-simpson so much, bowles-simpson has a 1:1 ratio. >> it doesn't. >> i thought it's 1:4. >> it's 1:3. >> in the way the bowles-simpson frame was put out something people didn't realize was that in terms of the revenue number they weren't counting the...
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Nov 19, 2012
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. >> nancy pelosi hopefully by christmas and -- boehner said this. so they were all over the lot. but i think they wanted to reassure the kids. >> art, thanks so much for the guidance. we will see you tomorrow. that does it for us on "squawk on the street." let's get back to headquarters. >> carl, thanks very much. welcome to the halftime show. power hours go until the close on this monday. pretty good day it is. highs of the day right now. a gain of 163 points. s&p and nasdaq having a big day today on the back of apple. we will talk about that and much more in just a moment. here is what we are followinging on halftime today. flash point as the conflict escaltes into tes can a dashes can a lates in the middle east. top analyst says stay away from apple. a top trader says buy it. they will go head-to-head over america's most loved stocks. today's big rebound. it comes on renewed hopes in washington. will congress rise above and what does a fiscal cliff fix mean for your money? our traders today, joe terranova, john najarian, josh brown. are you buying stocks today or feeling betbe
. >> nancy pelosi hopefully by christmas and -- boehner said this. so they were all over the lot. but i think they wanted to reassure the kids. >> art, thanks so much for the guidance. we will see you tomorrow. that does it for us on "squawk on the street." let's get back to headquarters. >> carl, thanks very much. welcome to the halftime show. power hours go until the close on this monday. pretty good day it is. highs of the day right now. a gain of 163 points....
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Nov 12, 2012
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continued uncertainty despite the president's comments and john boehner's comments. cheryl: we're looking at what we've been seeing over the last couple of months and you are saying kind of be prepared for that. a lot of the guests have come on and said you know, there's problems with earnings, but also you can't ignore that spike to the down side after the election. what did you make of all of that last week? what did you read into that? >> well, i mean, heading into the election, there was a lot of sentiment that the the market, the financial markets would have preferred a republican winner. cheryl: sure. fiscally more responsible if their view. -- in their view. >> correct. there's a few there's a lot of financial regulation presently and more to come. a lot of that at least from professional investors is probably where they were on wednesday. cheryl: they were waiting to see. >> i think that's going to settle off. i don't think you will see 300 point swings. you might see back again -- i'm quoting that period of july and august 2011, you could see 100, 150 on any
continued uncertainty despite the president's comments and john boehner's comments. cheryl: we're looking at what we've been seeing over the last couple of months and you are saying kind of be prepared for that. a lot of the guests have come on and said you know, there's problems with earnings, but also you can't ignore that spike to the down side after the election. what did you make of all of that last week? what did you read into that? >> well, i mean, heading into the election, there...
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Nov 13, 2012
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spier boehner came so and sang the first version and president obama sang the second verse. they'll find a middle ground because there's a mandate for it and everybody knows what the issues are. so i actually am very optimistic that we'll have some pain in the short run, maybe three to six months, we'll start moving towards an end game and that's where investors should be positioned for. remember what wayne gretzky said. he was successful because he traded to where the puck was going, now where it is now. >> and a compromise involves higher taxes somewhere, so what does that do for your clients and investments? >> what i love that richard lefrak said is that wealth has been convicted and we're just waiting for the sentencing. that really puts it in context. because the wealthy, whatever that means and whatever they decide wealthy people are, with already knowing that they'll pay more. one of the things that's interesting is once that happens, and i believe that's the beginning rounds, all eyes will be turning to, okay, great, that's done, the villain is out of the room. >> i
spier boehner came so and sang the first version and president obama sang the second verse. they'll find a middle ground because there's a mandate for it and everybody knows what the issues are. so i actually am very optimistic that we'll have some pain in the short run, maybe three to six months, we'll start moving towards an end game and that's where investors should be positioned for. remember what wayne gretzky said. he was successful because he traded to where the puck was going, now where...
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Nov 13, 2012
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to be speaker boehner, a lot of publicans running with tail between their tails here. on deep end like tax, immigrations and reform. they may be caving onssues that tea partiers held near and dear. dick armey, a big tea party player, freedom works, how do you feel about that for one of a better term, dressing down on part of speaker boehner on republican troops, tea partiers included. many, made him the speaker. >> well, let me say i love john boehner like a brother, i don't envy him the position he is in. but i am also reminded of what ronald reagan taught us years ago, good polic makes good politics, john boehner needs to emphasis economic growth, is the way to get increed revenue. and there is two ways to -- two imperatives, dress down reduce, and discipline our government run among so there is confidence to grow in private sector then a tax system that accommodates that growth. you will dress a tax system of this country, from theoint of view of what is fair, have you taken the most simple minded way to address taxes. taxes are about raising the necessary revenue t
to be speaker boehner, a lot of publicans running with tail between their tails here. on deep end like tax, immigrations and reform. they may be caving onssues that tea partiers held near and dear. dick armey, a big tea party player, freedom works, how do you feel about that for one of a better term, dressing down on part of speaker boehner on republican troops, tea partiers included. many, made him the speaker. >> well, let me say i love john boehner like a brother, i don't envy him the...
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Nov 19, 2012
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you see what nancy pelosi said, what john boehner has been saying. then you go back to the president's press conference taking a pretty tough decisive tone on susan rice and then you look at what's happening and also his position on the tax increases. take all of that together, it looks like more of the same. do you sense and from your reporting are we just having people circle each other or are their feet in stone? >> i think there's still some areas where people can get to the right place. the two things i keep thinking about is the business community, i think, what steve says is exactly right. it seems like from the outside, what they want more than anything is certainty. it's not just moment to moment. it's minute to minute. it's crisis to crisis. and that is an atmosphere that's not conclusive towards optimal economic activity. this notion of trying to get to long-term stability but not having short-term austerity measures would be too depressed on consumer activity seems like where we need to end up and a lot of pressure from republicans to the
you see what nancy pelosi said, what john boehner has been saying. then you go back to the president's press conference taking a pretty tough decisive tone on susan rice and then you look at what's happening and also his position on the tax increases. take all of that together, it looks like more of the same. do you sense and from your reporting are we just having people circle each other or are their feet in stone? >> i think there's still some areas where people can get to the right...
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Nov 13, 2012
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marginal rate back to 39.6 we're not going to do a deal, and i can tell you that the guys in the house and boehner, they really want to do this, this limiting deductions, limiting loopholes, raising effective rates, but lowering nominal rates. they want to do it that way but the president may say no and those guys in the house will say no and we might, it might happen. >> it might, but look, this is a leadership moment. we have a a leader who now has second term. he's a president. he's a fascinating individual in many respects. he's part of the problem. >> what gives you any indication he'll lead in this case? >> maybe he'll wake up to the fact that he has a chance to cut through the polarization and leave a winning legacy. this is his chance to rise above. give him a button. >> there you go. thank you for that, steve. we have more ahead from steve. coming up, we're going to talk about several stocks on the move ahead of the opening bell. we'll get down to "mad money's" jim cramer. "squawk on the street," jim cramer right after this. sometimes investing opportunities are hard to spot. you have to
marginal rate back to 39.6 we're not going to do a deal, and i can tell you that the guys in the house and boehner, they really want to do this, this limiting deductions, limiting loopholes, raising effective rates, but lowering nominal rates. they want to do it that way but the president may say no and those guys in the house will say no and we might, it might happen. >> it might, but look, this is a leadership moment. we have a a leader who now has second term. he's a president. he's a...
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Nov 16, 2012
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john boehner did offer framework. the framework would have tax and entitlement targets, revenue targets, spending targets, that this year in the next couple months. congress would work out the details in 2013. both leaders from both parties and both houses say it is time to get to work. >> we will continue to have revenue on the table. we are serious. we are serious about cutting spending and solving our fiscal problems. >> we will do it now. we feel very comfortable with each other. this is not something we will wait until the last day of december to get it done. rich: they met for a little longer than an hour here at the white house. much of the talk was positive. there really is not anything close to specifics right now coming from anyone in all of this. here he read and nancy pelosi really did not mention entitlement at all. rich o'connell highlighted the fact that his conference in the senate believes that this country does not have a taxing problem, it has a spending problem. there are still two very different b
john boehner did offer framework. the framework would have tax and entitlement targets, revenue targets, spending targets, that this year in the next couple months. congress would work out the details in 2013. both leaders from both parties and both houses say it is time to get to work. >> we will continue to have revenue on the table. we are serious. we are serious about cutting spending and solving our fiscal problems. >> we will do it now. we feel very comfortable with each...
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Nov 15, 2012
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. >> if you saw a headline, boehner-obama to agree to long-term solution, you would hit buy first on com? >> we no longer have to worry about rising above? >> i think we'll see that as a joke. >> only up 3% to 5% between now and tuesday. that's not their focus. >> i understand. >> but remember when germany went down, when the german forces went down. those are countries that are dominated by rich people. a lot of those companies are plutocrasies. i think when their market went down, they said holy cow, maybe we ought to do something, maybe monty ought to get together, our country t.a.r.p., that first vote, i think people said, okay, i'm going to have to work the rest of my life, there goes my 401(k) and the congressmen rise above. i hope it doesn't take that. i hope it didn't. >> we do have some media news today, viacom is out with some numbers. >> viacom is not as bad as i had feared. the market numbers down about 6% for the company which is perhaps a little bit better than might have been expected. if you take a look over the last few weeks has been down somewhat dramatically. look
. >> if you saw a headline, boehner-obama to agree to long-term solution, you would hit buy first on com? >> we no longer have to worry about rising above? >> i think we'll see that as a joke. >> only up 3% to 5% between now and tuesday. that's not their focus. >> i understand. >> but remember when germany went down, when the german forces went down. those are countries that are dominated by rich people. a lot of those companies are plutocrasies. i think when...
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Nov 12, 2012
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i think you heard john boehner say that already. we've had votes in the senate where we've actually gotten rid of tax credits. i think that's a given. and i think the vast majority of americans agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem? and the real problem is uncontrolled entitlement spending and a government that has grown massively. not just under this administration, under republican administration. >> let me turn to senator schumer on this point. >> so you have to approach both sides of it. >> let me turn to senator schumer. i'm going to ask you the same question. if the mandate is compromised, what do democrats have to be prepared to accept as a painful outcome in order to achieve compromise? >> well, i agree with you, the mandate is compromise. that's why we have a divided house and senate. and i think if the house stands for anything it's cut government spending, as tom coburn said, and i think we're going to have to do more of it. we hear
i think you heard john boehner say that already. we've had votes in the senate where we've actually gotten rid of tax credits. i think that's a given. and i think the vast majority of americans agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem? and the real problem is uncontrolled entitlement spending and a government that has grown massively. not just under this administration, under republican administration....
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Nov 16, 2012
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>> yeah, from boehner i am. the president has now painted himself -- painted those guys in to -- how many times has he drawn a line in the sand about that high right on 250. he's made a point and he can't possibly go back on that now, can he? >> i think he can. look, i think he's drawing a line on getting money from those people, there people making 250 and above. but he hasn't drawn a line on how he gets that money. he's said at his news conference i'm skeptical that you can do enough in loopholes and exclusions to get the money that we need for a deal from that group. but he also said i'm open to new ideas. so if there is in fact an effort to close some loopholes that gets you some of the way there, you can certainly see the president, i could anyway, compromising somewhere between 35 and 39.6 on a slightly higher rate. if shall be caomebody came up w source of revenue which didn't change the distribution of the tax burden, figure out a way to do it without a top rate. i kind of expect what's going to happen i
>> yeah, from boehner i am. the president has now painted himself -- painted those guys in to -- how many times has he drawn a line in the sand about that high right on 250. he's made a point and he can't possibly go back on that now, can he? >> i think he can. look, i think he's drawing a line on getting money from those people, there people making 250 and above. but he hasn't drawn a line on how he gets that money. he's said at his news conference i'm skeptical that you can do...
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Nov 20, 2012
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i think it would be easier to get simpson-bowles with boehner than with president obama. i don't think he's a true believer. >> we can have that debate but we're 40 days away from going off a cliff or small hill depending on who you ask. the question is what can each side give to get us where we need to be. >> but now you are really just talking about kicking the can again. >> i'm about rising above and rising above calls for compromise. >> i think harold is prepared. >> you are a simpson-bowles guy. >> the challenge is the president has drawn a line in the sand saying i want a pound of flesh period. don't get me a number. don't say a combination of spending cuts and a combination of discretionary of entitlement cuts and some tax increases. he's saying there's only one number. there's only one number. you got to give me that number. don't give me that number, the rest doesn't work. the problem is -- >> the country voted for him whether we like it or not. i like it he was re-elected. democrats picked up two seats in the senate. >> the country voted for him and they're goin
i think it would be easier to get simpson-bowles with boehner than with president obama. i don't think he's a true believer. >> we can have that debate but we're 40 days away from going off a cliff or small hill depending on who you ask. the question is what can each side give to get us where we need to be. >> but now you are really just talking about kicking the can again. >> i'm about rising above and rising above calls for compromise. >> i think harold is prepared....
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the most interesting thing, though, from the boehner aide was that john boehner believes there is not enough time from now until the end of the year to actually have a grand bargain. there's enough time, though, to put together the framework for what a grand bargain would look like. essentially have the top lines agreed to that by sometime in 2013 you could have both the chambers, the senate and the house, come together on some substantial tax reform, entitlement reform, and get rid of the sort of automatic cuts that we see as a sequester, and the tax increases and have a mechanism you can replace them with. listen to the congressional leaders in their photo op in the white house before thanksgiving that they had today. >> we've put revenue on the table, as long as it's accompanied by significant spending cuts. >> we have a cornerstones of being able to work something out. we're both going to have to give up some of the things that we know are a problem. >> we should have a goal in terms of how much deficit reduction. we should have a deadline before christmas. >> we fully understand
the most interesting thing, though, from the boehner aide was that john boehner believes there is not enough time from now until the end of the year to actually have a grand bargain. there's enough time, though, to put together the framework for what a grand bargain would look like. essentially have the top lines agreed to that by sometime in 2013 you could have both the chambers, the senate and the house, come together on some substantial tax reform, entitlement reform, and get rid of the sort...
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Nov 14, 2012
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. >> twice where we were with boehner. but might be the beginning of bargain point. but you get 820 billion. so there's another 800 billion. at this point, the others are saying no cuts to medicare, social security, or anything else. and they have to find another 800 billion. >> the president did not say -- >> we know he has to cut some of those. >> my guess is the gop is saying they're looking at a trillion dollars as the number. >> and you saw what paul ryan said. the house was re-elected. so people re-elected those people in the house for a reason. it's a nonstarter. it's not going to happen. it's not going to be 1.6 billion. 1.6 trillion. to get to four trillion, that would be 2.4. so we said that. he'll go not 3-1 like simpson bowles. he's go one and a half to one. >> that's not going to happen either. >> but what bothers me -- >> the problem is nothing is going to happen. >> what bothers me is i do think you can get to a point where you raise taxes too much and you don't cut spending enough, where you're just funding entitlements by raising taxes and you don't
. >> twice where we were with boehner. but might be the beginning of bargain point. but you get 820 billion. so there's another 800 billion. at this point, the others are saying no cuts to medicare, social security, or anything else. and they have to find another 800 billion. >> the president did not say -- >> we know he has to cut some of those. >> my guess is the gop is saying they're looking at a trillion dollars as the number. >> and you saw what paul ryan...
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Nov 18, 2012
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you know, when john boehner appears, they say are you willing to accept higher rates. no one says what are you going to do about entitlements or anything, there's no question of the president whether he will compromise and what that would look like. >> paul: steve, what do you think the republicans ought to do here? is there a way out for them or are they going to be pushed back into a corner where they have no choice, but to concede that they have to raise tax rates or else go over the cliff and get blamed for that? >> well, it's a tough situation for them. there's no question about it because as you know, the default position, if we don't do anything is for the taxes to go up on everybody on january 1st, and that's something i think both sides want to avoid. it's very interesting, the thing that happened this week to start the week, was who was the first person that barack obama met with in the white house since his election, the labor unions, the labor block, that tells a lot who is driving policy at least at the start of the second term? and the labor unions basica
you know, when john boehner appears, they say are you willing to accept higher rates. no one says what are you going to do about entitlements or anything, there's no question of the president whether he will compromise and what that would look like. >> paul: steve, what do you think the republicans ought to do here? is there a way out for them or are they going to be pushed back into a corner where they have no choice, but to concede that they have to raise tax rates or else go over the...
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Nov 12, 2012
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you heard john boehner say that already. we've had voteses in the senate where we've gotten rid of tax credits. i think that's a given. and i think that the vast majority of measures agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem and that's uncontrolled entitlement spending and a government that has grown massively. >> i think if the house stands for anything, it's cut government spending as tom coburn said and i think we'll have to do more of it. we heard the mandate in 2010 where it was a clear mandate cut spending and we did, we cut $900 billion in spending that he can't like painful tos us. >> we'll continue our call to rise bol politics and make a deal. oufr guests this morning include mike jackson and also david zaslav. and the head of maris group. and douglas holtz-eakin. >> let's talk about eurozone finance ministers meeting to discuss whether to release a new tranche of fund to go greece. the leaders are not expected it to okay the fun
you heard john boehner say that already. we've had voteses in the senate where we've gotten rid of tax credits. i think that's a given. and i think that the vast majority of measures agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem and that's uncontrolled entitlement spending and a government that has grown massively. >> i think if the house stands for anything, it's cut government spending as tom coburn said...
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Nov 16, 2012
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i did pick up it was john boehner next to the president and the president went out of his way to say we want a balanced approach. that means tax the rich. >> taxes go up, increasing revenue, which we already have no word on entitlement spending. no time like the present. the dollar now down 26. know in part on the from that. >> not raising taxes, and the second element of this which has not been part of the public conversation is cutting spending. we don't have a revenue problem, have a spending problem, no issue with cutting spending. stuart: i said taxes on the rich will go up. are you going to disagree with me? >> depends on what you mean of taxes going up. i don't think republicans are going for that, don't. stuart: whether they are forced into it? >> than we are going over the cliff. >> don't think republicans have sacrificed that sacred land. stuart: who turned full circle? >> i do, i think the president has drawn a line in the sand. i have two or three chess pieces on the board, i win. these are photo ops. stuart: that means nothing. utterly meaningless. you say we are going o
i did pick up it was john boehner next to the president and the president went out of his way to say we want a balanced approach. that means tax the rich. >> taxes go up, increasing revenue, which we already have no word on entitlement spending. no time like the present. the dollar now down 26. know in part on the from that. >> not raising taxes, and the second element of this which has not been part of the public conversation is cutting spending. we don't have a revenue problem,...
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Nov 20, 2012
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we had a handshake and constructive slap on the back by boehner and obama and that's going to fade next week when they actually get into the details of what they have to come up with. there will be acrimony and disagreement. that's what i want to take advantage of when we see a rally and risk this week, i want to sell it and think next week we come back to reality. >> basically this is more of a u.s. dollar driven trade opposed to what's going on in europe. >> yeah. that's true. i also -- you can toss in there we had the downgrade of france even though s&p downgraded earlier this year and moodies did it this time. we'll see articles over the next tl three to four days and over the weekend with problems with the bailout facility when there's not enough aaa rated countries in there. you'll see more negative news out on that. >> good to speak with you. andy bush. for more currency trades, watch "money in motion." we're off this friday but back next friday. you can get your fix online. >> we are awaiting a speech from fed chairman ben bernanke later today. we'll have a preview and analysis
we had a handshake and constructive slap on the back by boehner and obama and that's going to fade next week when they actually get into the details of what they have to come up with. there will be acrimony and disagreement. that's what i want to take advantage of when we see a rally and risk this week, i want to sell it and think next week we come back to reality. >> basically this is more of a u.s. dollar driven trade opposed to what's going on in europe. >> yeah. that's true. i...
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Nov 16, 2012
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. >> reporter: in the meeting, house speaker john boehner proposed leaders establish a framework in the next six weeks for wide scale reform of the tax code, medicare, and social security in 2013. the goal would be to set specific targets now for savings from those reforms. that would negate the need for steep spending cuts congress called for last year that are set to kick in on january 1, the same day the bush tax cuts are set to expire. that damaging combo has been come to be known as the fiscal cliff. while democrats often balling at any mention of entitlement reform, today nancy pelosi signaled a new openness. >> do we want to have savings from everything that we do? certainly? so we need revenue, we need savings, we need growth. >> reporter: leader pelosi said there appeared to be interest in a big deal, about four trillion dollars worth of deficit redictions along the lines of the grand bargain that fell apart wean the president and speaker boehner last year, anthony. >> mason: nancy, there are just 46 days until the new year. what can they really hope to accomplish in that time?
. >> reporter: in the meeting, house speaker john boehner proposed leaders establish a framework in the next six weeks for wide scale reform of the tax code, medicare, and social security in 2013. the goal would be to set specific targets now for savings from those reforms. that would negate the need for steep spending cuts congress called for last year that are set to kick in on january 1, the same day the bush tax cuts are set to expire. that damaging combo has been come to be known as...
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Nov 14, 2012
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thank you. >> so now that we have accepted even in boehner land that obama care is the law of the land, do you think that this will make the american health care system better? >> absolutely. i think that we are entering a period of time where we can get down to the very hard work that needs to be done to improve the health care of nation. and now that we are past the election and all sides agree that the affordable care act is the law of the land it gives the patients in the country, this country a much greater deal of certainty and security that our health care system is going to be there for them if they need it. >> well, arkoosh i think in addition to the fact we live in a nation where we're taxed for merely existing, there are still some people who aren't decided about obama care. in fact, politico had exit polling after the election showing the country's split down the middle on whether obama care should be repealed, partially or interly or kept. "forbes" has an article out called "five ways to protect yourself against obamacare." a concern is a doctor participate in a mass exodu
thank you. >> so now that we have accepted even in boehner land that obama care is the law of the land, do you think that this will make the american health care system better? >> absolutely. i think that we are entering a period of time where we can get down to the very hard work that needs to be done to improve the health care of nation. and now that we are past the election and all sides agree that the affordable care act is the law of the land it gives the patients in the...
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Nov 13, 2012
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remember the talks about boehner and the negotiations on the debt ceiling. he got 98% of what he wanted. so the conversation used to be we will cut the deficit through spending cuts. now within the space of a week, the same people, glen hubbard who was romney's chief economic adviser slated to be the federal reserve head if romney had won has an op-ed in the financial times today saying the first thing we should do is focus on more revenues and the way to get that is from capping deductions for the wealthy. so it's extraordinary the shape of the the rhetoric that's coming from republicans in the the last week has really changed a great deal. i think they recognize, even if obama doesn't recognize and even if most centrist democrats don't recognize it, they hold all the cards here. >> so who's the god you're referring to there? >> grover norquist? i'd say it's more a collection of dayties who said the first -- >> but that's the point. republican leaders and some republican thought leaders might be coming around that we have a deal here. but the reason for the
remember the talks about boehner and the negotiations on the debt ceiling. he got 98% of what he wanted. so the conversation used to be we will cut the deficit through spending cuts. now within the space of a week, the same people, glen hubbard who was romney's chief economic adviser slated to be the federal reserve head if romney had won has an op-ed in the financial times today saying the first thing we should do is focus on more revenues and the way to get that is from capping deductions for...